The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a memorandum of understanding for joint oversight of the stablecoin market.
This agreement aims to strengthen cross-border cooperation under the MiCA framework. Regulators have agreed to share confidential information about the activities of issuers whose operations affect the markets in both jurisdictions.
According to the document, the agencies will exchange data on:
- licensing and registration refusals;
- issuance volumes and the number of asset holders;
- reserve composition and liquidity management;
- stress test results and audit findings;
- investigations and imposed sanctions.
Some information, including reports on reserve composition and company ownership structure, will be shared quarterly without a specific request.
The memorandum also provides for mutual assistance during on-site inspections and coordination in crisis situations or ICT system failures.
“This agreement marks an important milestone in strengthening transatlantic cooperation. It reflects our commitment to establishing a globally coordinated supervisory framework for crypto assets,” said EBA Chair François-Louis Michaud.
Acting NYDFS Superintendent Caitlin Asrow added that international collaboration is essential for consumer protection and promoting responsible innovation.
The EBA emphasized that prior to signing the document, the confidentiality regime at NYDFS was recognized as equivalent to EU standards. The agreement specifically pertains to stablecoin operations and does not cover other business areas of the regulated entities.
It is worth noting that in May, JPMorgan CEO Jamie Dimon criticized a U.S. bill on the structure of the crypto market amid a dispute over stablecoin rewards.